Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $5.23B | $5.38B | $5.01B | $5.44B | $6.07B | $6.76B | $7.43B | $8.16B | $8.98B |
| Cost of revenue | $1.23B | $1.17B | $1.04B | $1.12B | $1.33B | $1.38B | $1.61B | $1.74B | $1.93B |
| Gross profit | $4.01B | $4.22B | $3.97B | $4.32B | $4.74B | $5.2B | $5.89B | $6.56B | $7.19B |
| Gross margin | +76.57% | +78.31% | +79.30% | +79.46% | +78.13% | +76.96% | +79.31% | +80.35% | +80.14% |
| Operating | |||||||||
| Research & development | $903.1M | $945.2M | $962.9M | $1.05B | $1.08B | $1.29B | $1.36B | $1.51B | $1.66B |
| Selling, general & administrative | $1.49B | $1.57B | $1.58B | $1.79B | $2.09B | $2.28B | $2.45B | $2.66B | $3B |
| Total operating expenses | $2.4B | $2.51B | $2.55B | $2.94B | $3.1B | $3.62B | $3.98B | $4.15B | $4.65B |
| Operating income | $1.61B | $1.7B | $1.43B | $1.38B | $1.64B | $1.87B | $2B | $2.22B | $2.41B |
| Operating margin | +30.78% | +31.63% | +28.49% | +25.35% | +26.97% | +27.63% | +26.86% | +27.21% | +26.86% |
| EBITDA | $1.89B | $1.96B | $1.53B | $1.72B | $1.43B | $1.94B | $2.15B | $2.33B | $2.58B |
| EBIT | $1.73B | $1.79B | $1.39B | $1.57B | $1.27B | $1.79B | $1.92B | $2.09B | $2.35B |
| Below the line | |||||||||
| Interest expense | $24.8M | $26.2M | $17.6M | $19.8M | $0 | $15.89M | $17.55M | $18.88M | $21.43M |
| Interest income | $17.4M | $35.5M | $67.2M | $120.3M | $148.4M | $133.5M | $147.05M | $160.71M | $179.95M |
| Other income / expense | $91.6M | $65M | -$54.9M | $169.4M | -$363.3M | — | — | — | — |
| Pre-tax income | $1.7B | $1.77B | $1.37B | $1.55B | $1.27B | $1.76B | $1.94B | $2.12B | $2.34B |
| Income tax expense | $198.9M | $245.5M | $152.4M | $152.1M | $216.9M | $225M | $244.18M | $270.31M | $290.19M |
| Earnings | |||||||||
| Net income | $1.5B | $1.52B | $1.4B | $4.17B | $1.07B | $1.87B | $2.01B | $2.22B | $2.35B |
| Net income · continuing ops | $1.5B | $1.52B | $1.22B | $1.4B | $1.06B | $1.47B | $1.63B | $1.83B | $2.05B |
| Net margin | +28.73% | +28.28% | +27.99% | +76.75% | +17.69% | +27.71% | +27.01% | +27.26% | +26.23% |
| EPS · basic | $2.41 | $2.46 | $2.31 | $6.98 | $1.84 | $3.05 | $3.41 | $3.80 | $4.20 |
| EPS · diluted | $2.38 | $2.44 | $2.30 | $6.97 | $1.83 | $3.01 | $3.37 | $3.78 | $4.24 |
| EPS · low estimate | — | — | — | — | — | $2.97 | $3.31 | $3.69 | $4.09 |
| EPS · high estimate | — | — | — | — | — | $3.06 | $3.41 | $3.89 | $4.32 |
| Shares · basic | 623.3M | 619M | 606.7M | 597.7M | 584.8M | 583.47M | 584.05M | 588.33M | 585.53M |
| Shares · diluted | 631.2M | 624.2M | 609.4M | 599.3M | 585.8M | 589.68M | 581.14M | 581.54M | 581.32M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 22 | 22 | 21 | 10 |
| Analysts (EPS) | — | — | — | — | — | 16 | 17 | 7 | 2 |
Coverage notes. Historical figures come from FMP’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS from FMP consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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